Which of the following probably has the shortest long run?
a. a law firm
b. a steel mill
c. an automobile plant
d. a tire factory
e. an aircraft engine factory
A
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Refer to Figure 4-1. If the market price is $2.00, what is the consumer surplus on the second burrito?
A) $0 B) $1.00 C) $2.00 D) $4.50
The absorption approach is a theory of the balance of payments that emphasizes how domestic spending on domestic goods changes relative to domestic output
Indicate whether the statement is true or false
Short-run contractions and expansions in economic activity are called
A) recessions. B) expansions. C) deficits. D) the business cycle.
The value of the absolute price elasticity of demand for good X is 3. The absolute price elasticity for good Y is 2. Which good's quantity demanded is less responsive to a change in price?
A) Good X B) Good Y C) They are equally responsive. D) Not enough information is given.